A summary of ‘The Ownership Economy’ by Li Jin
Li Jin is constantly pushing forward the ideals of web3 and investing in transformative new organizations. Here are 5 key takeaways from her article ‘The Ownership Economy’:
The Ownership Economy, Li Jin (2022)
Under web2, most users owned 0% of the services they contributed to. Facebook doesn’t pay for content or reward you in equity for top-performing posts, for example. We have been restricted to renter status, with very few tech companies controlling the entire internet experience.
Web3 introduced the ownership economy - with many products and services that allow users to become owners.
Web3 users are growing - Metamask boasts over 32M monthly active users, and Ethereum has over 6M monthly transactional users.
User ownership has helped supercharge growth and bootstrap new user adoption. It can also cultivate powerful, robust ecosystems and increase customer loyalty if done correctly.
By allowing users to become owners at early stages, users are able to participate in the bulk of value created. Take rates are reduced and benefits are spread across the many instead of the few.